DAILY NATION Thursday story July 20, 2017 main 31

many real estate companies op- erating in Kenya. COMFORTABLE “We are a group of companies. Bamburi Cement to expand Athi River grinding plant We have stakes in the energy BAMBURI CEMENT is to start project are underway while the which is equivalent to 50.79 per PAYMENT PERIOD, industry, spare parts and we expanding its Athi River grinding structural work will begin next cent of the country’sl cement are doing fairly well in the steel NO INTEREST plant at a cost of Sh4 billion month. consumption last year. industry,” says Hussein. next month, amid growing The expansion of the plant is The Kenya National Bureau To which Mr Ngwili adds, THE MAIN competition in the industry. aimed at increasing Bamburi’s of Statistics put Kenya’s cement “The reason Hussein is men- The country’s largest cement annual production by 900,000 consumption at 6.30 million

tioning all this is because people WITHIGADWAH LYNET ATTRACTIONS maker by market share says it metric tonnes on completion mid tonnes in 2016, a 10.53 per cent might be wondering where we has completed pre-construction next year. growth over the previous year’s get our funds from, or whether preparations for the project. This will increase the listed 5.69 tonnes. This was against “THERE IS SOMETHING we will go down as fast as we The company’s Managing company’s annual capacity at 6.71 million tonnes produced, called murabaha in Islamic have taken off.” Director, Mr Bruno Pescheux, the Athi River and Mombasa which was 5.84 per cent higher Bamburi MD Bruno financing, whereby you pay Seeing as this is a business like Pescheux

BRIEFS said civil works on the 18-month plants to 3.2 million tonnes, than the 6.34 tonnes in 2015. for an item over a long period any other with profit margins to but you know the price from hit and goals to achieve, why are the beginning, and that price they offering such low terms? German solar company planning KEBS in legal battle with Epco never changes,” says Rama Mr Hussein uses a phone on Housing General Manager the table to illustrate his answer: expansion with eye on rural markets Builders over cancelled tender Hassan Abdi. “In Islam, if you bought this GERMAN OFF-GRID solar Some of the According to sources, mu- phone for, say Sh14,000, you firm Mobisol has secured CONSTRUCTION FIRM but called the tender off a rabaha is an Islamic term for cannot sell it for Sh50,000; items in a Epco Builders has sued the month later. 10 million euros (about Mobisol kit. the Islamic financing model, that’s unacceptable. You are not Sh1.19 billion) from Kenya Bureau of Standards Epco Builders whereby one buys a property allowed to make a profit of more Finnfund to expand its (Kebs) seeking Sh379 successfully applied to have with a free and clear title. Under than 100 per cent in Islam. So operations in East Africa. million compensation over the ensuing dispute with this model, customers are not the key thing is the profit margin In March, the firm a botched tender for the Kebs referred for arbitration charged interest on loans, and we believe other developers announced plans to open construction of regional and arbiter Anthony since it is considered riba (or are looking for the highest profit 20 more stores in Kenya, laboratories and offices in Frederick Gross ordered excess). margins.” with a view to increasing Mombasa. the State agency to pay the Given these relatively cus- Mr Mwangi concurs, saying its rural market share. Epco Builders says it contractor Sh4.5 million. tomer-friendly terms, how do some houses in South C are On Wednesday lost the money in payment The contractor now their houses compare with oth- about 70 square metres but last week, it said the of site staff, mobilisation, says the award was too ers within the same location? their prices are prohibitive. Finnfund (Finnish Fund office overhead costs, conservative and The real estate firm, which “I would expect the cost of for Industrial Cooperation world and connect more flagship store in Kisumu. idle equipment, wants the began operating in the country putting up such a unit to be Ltd) cash would support people to a reliable source The company’s large obtaining a High Court in January this year, has two about Sh2.7 million. So when its expansion in Tanzania, of energy. solar home systems come performance to order ongoing projects: one in South the developer puts the house Rwanda and Kenya, where Finnfund Chief with several LED light bond and a fresh C and the other in Parklands. A up for sale at Sh6 million, he is it has installed nearly 10 Executive Jaakko sets, a portable lantern, expected three-bedroom house house in making more than 100 per cent megawatts for households Kangasniemi said the mobile phone charger kit, profit from the arbitration South C, which Mr Ngwili says profit. Unfortunately, by so doing and small businesses. financial assistance would flat-screen LED TVs of cancelled project. with a new sold out in a matter of days, they are locking out many people The firm’s Chief also help in attaining a upto 32 inches, portable In July, Kebs mediator. costs Sh10 million, while a because not everyone can afford Executive Officer, Mr sustainable future. radio and other balance- contracted Epco Builders Kebs has three-bedroom apartment that,” he says. Thomas Gottschalk, said Mobisol, which retails of-system components following a public challenged the move, was going for Sh8 million. Mr Ngwili notes that running the funds would allow the directly to customers, including wiring and procurement process for insisting that the Sh4.5 A spot check by DN2 found two projects at the same time company to plug in the recently opened its switches. the Sh1.3 billion project million award was fair. out that the asking price for a gives them an opportunity to three-bedroom house in the take advantage of economies prime South C area costs about of scale in terms of seeking ap- them homes, only to disappear Sh14 million. provals, buying materials and after getting their money. So how �������������������� Residents who spoke to DN2, covering running costs, which can Kenyans tell that this is not LLOYD MASIKA LIMITED and who seemed familiar with is more economical, compared going to be another scam? NORFOLK������������������������������������ TOWERS • KIJABE STREET the building trends in the area, with running one project at a “First, the fact that the lands’ LLOYD MASIKA P.��������������������������������������������������������� 0. BOX 45733 - 00100, Nairobi said the 120 square-metre time. title deeds are in our name is Tel:020��������������������������������������������������� - 2215900/ 020-2279000. houses are no longer popular In the recent past, Kenyans reassuring because if you own Mobile:��������������������������� 0728-519443, 0722-481504, 0733-597050, in the area, with developers have been swindled by real es- a piece of land that is valued Email: [email protected] preferring the 90 square-metre tate firms that promised to build at Sh200 million and you are apartments which allow them collecting about Sh150 million to build more units. from the public, it means the PRIME BEACH PROPERTIES FOR SALE – MOMBASA Meanwhile, a four-bedroom piece of land itself is enough to On behalf of our reputable client we are offering various ‘first and second row’ beach properties apartment with a servant’s recover people’s money in case quarters in their project on something bad happens tomor- for sale. They are situated in Mombasa’s North Coast, within Bamburi Area and specifically Second Parklands Avenue row,” says Mr Hussein. along Baobab Road near City Mall. The properties are contiguous and thus available singly or known as Jumeira Heights Mr Ngwili adds: “By virtue of together. were selling for Sh17.5 million. having well-established affiliate SITUATION ACREAGE PROPERTY DESCRIPTION Real estate insiders say simi- companies, we are stable enough lar properties in the area cost to finance our projects within the First Row 2.0 A large double storey house having 4 bedrooms, 2 bathrooms about Sh30 million. two years. Also, the fact that our Sandy Beach and 1showerroom. A garage, sq, changing room, pump room, first project under construction Property pool and gate house are also provided. (Plinth Area – 5,547 sq.ft) has reached the first floor barely First Row 1.2 A part single, part double house having 3 bedrooms, 2 bathrooms a year after we began operations and 2 showerrooms. (Plinth Area – 3,515 sq.ft) in the number of Christians buy- tells a lot.” nd ing in our next two projects that Mr Hussein and Mr Ngwili 2 Row 2.3 A part single, part double house having 4 bedrooms, 2 bathrooms are currently on sale. They are lo- further note that the fact that and 2 showerrooms (Plinth Area – 4,465 sq.ft) cated in South C and Parklands, the client pay for the house in First Row 1.3 A bungalow having 3 bedrooms, 2 bathrooms with access to and will come with six-year and instalments means they can garage. SQ Block and gate house are also provided. (Plinth Area eight-year payment plans.” refust to pay if the developer – 2,529 sq.ft) Foreigners from the West does not meet their side of the First Row 0.8 A bungalow having 4 bedrooms, 1 bathroom and two 2 have not been left behind and, bargain. according to Mr Hussein, “The “According to our terms of showerrooms. A swimming pool, SQ Block and gate house are interesting thing about them is According to engagement, if we haven’t com- also provided. (Plinth Area – 3,231 sq.ft) that they are working in big real our terms of pleted construction, the client can First Row 0.8 A bungalow having 3 bedrooms and 2 bathrooms. SQ Block, estate companies but are coming engagement, stop making further payments garage and a gate house are also provided. (Plinth Area – 3,237 to invest with us.” if we haven’t until the construction is done, sq.ft) “We are trying to introduce completed after which he or she can resume nd low-cost housing in high-end paying,” says Mr Ngwili. 2 Row 0.8 A bungalow having 3 bedrooms, 2 bathrooms with access to construction, the garage. Gate house is provided. (Plinth Area – 2,318 sq.ft) areas,” asserts Mr Hussein, client has the right to Meanwhile, the deposit and adding that his company is look- capital appreciation cushion 2nd Row 0.7 A bungalow having 3 bedrooms and 1 bathroom. A gate house is stop making further ing forward to introducing this fthe developer in case the client also provided. (Plinth Area – 2,018 sq.ft) model on the outskirts of Nairobi payments until the defaults. “If a client defaults or is to provide affordable housing for construction is done, unable to pay, we sell the unit at OFFER INVITED low-income earners. after which he or she higher price because, since con- Viewing is strictly by appointment through the office. For more information contact: But for any firm to be able to can resume paying.” struction has been ongoing, the HEAD OFFICE THE PLANET GUPTAS COMPLEX successfully and effectively run unit say, one year down the line, such a housing model it is obvi- Mr Charles Ngwili, has appreciated. But the client JOYCE NJOGU BETWEEN KENOL AND CITY MALL ous it must have a solid financial finance manager, Rama gets back the money contributed +254 727 141 123 NYALI - MOMBASA basis, a factor that would render Homes up to the time of default,” says THOMAS NDUNG’U the model almost impossible for Mr Hussein. +254 722 839 899